RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of July 27, 2011 No. 40/4

About approval of the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency"

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" it (is applied).

2. Declare invalid the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" approved by the resolution of Board of National Bank of November 30, 2000 No. 42/2.

3. This resolution becomes effective since September 1, 2011.

4. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. To management of supervision of non-bank organizations to bring this resolution to the attention of exchange bureaus.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Zheenbayeva B. Zh.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of July 27, 2011 No. 40/4

Regulations on licensing procedure on the right of carrying out exchange transactions with cash foreign currency

This Provision establishes licensing procedure on the right of carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic, and also requirements to legal entities when opening of exchange bureau by them in the territory of the Kyrgyz Republic.

This Provision does not extend to the commercial banks and financial credit institutions licensed by National Bank, performing exchange transactions with cash foreign currency based on the corresponding license.

1. General provisions

1. In this Provision the following concepts are used:

"The exchange bureau" is the specially equipped Item created by the legal entity for carrying out the exchange transactions with cash foreign currency performed according to the license of National Bank of the Kyrgyz Republic.

"The additional exchange bureau" is the specially equipped Item created by the legal entity having the license of National Bank of the Kyrgyz Republic for carrying out the exchange transactions with cash foreign currency performed according to the license and the letter on registration of National Bank of the Kyrgyz Republic.

"Exchange transactions with cash foreign currency" - the transactions on purchase, sale and exchange of cash foreign currency performed at the expense of current assets and on its own behalf only by exchange bureaus having the corresponding license of National Bank of the Kyrgyz Republic.

Current assets of exchange bureau" are free from tax payment in the budget own money of the legal entity which allocates exchange bureau for carrying out exchange transactions with cash foreign currency. The minimum amount of current assets for one exchange bureau is determined by regulatory legal act of National Bank about the minimum size of current assets of exchange bureaus.

Determination "The beneficial owner of the licensee" - is understood in that value which is provided by the Law of the Kyrgyz Republic "About counteraction to financing of criminal activities and to legalization (washing) of the criminal income" (further - the beneficial owner).

Paragraph of the seventh ceased to be valid.

2. The National Bank of the Kyrgyz Republic (further - National Bank) is the single licensor in the territory of the Kyrgyz Republic having the right to grant licenses for carrying out exchange transactions with cash foreign currency (Appendix 1).

The National Bank in case of need within consideration of questions of licensing for the right of carrying out exchange transactions with cash foreign currency has the right to request the relevant documents which are not included in lists from applicants.

3. Legal entities (further - the licensee) can be the receiver of the license of National Bank for the right of carrying out exchange transactions with cash foreign currency.

4. The license of National Bank for the right of carrying out exchange transactions with cash foreign currency grants to the licensee the right to make purchase, sale and exchange of cash foreign currency for cash national currency at the time of the conclusion of the transaction at the expense of current assets and on behalf of the licensee.

5. It is forbidden to the licensee:

- raise money from legal entities and physical persons on the terms of urgency, the paid nature and recoverability;

- accept money (foreign or national currency) as advance payment at in advance stipulated exchange rate;

- accept the money which is not property of the licensee on storage;

- perform other transactions which are directly not stipulated in the license.

6. Making of the banking activities which are not provided in licenses, as well as making of the transactions provided in the license with violation of procedure for their making attracts the responsibility established by the legislation of the Kyrgyz Republic.

6-1. The acts of National Bank adopted within this provision (except for licenses), do not require assurance by seals of National Bank if other is not established by regulatory legal acts of National Bank.

6-2. The documents submitted to National Bank according to this Provision and containing more than one leaf shall be described polistno, stitched, numbered, signed and certified properly.

The documents provided by foreign founders / participants (beneficiaries) in foreign language shall be legalized in the procedure established by the legislation of the Kyrgyz Republic, including international treaties which participant is the Kyrgyz Republic, and are translated into official language and if necessary into state language of the Kyrgyz Republic (notarially certified transfer is provided).

In case of provision of the documents established by this Provision in National Bank not in full or in case of discrepancy to their requirements established by the legislation of the Kyrgyz Republic and this Provision, the National Bank in time which is taken away for review of the submitted document package having the right to return documents for completion.

The National Bank can request the additional data and documents necessary for procedures of confirmation of sources of origin of money which shall be submitted by applicants within the terms specified in request.

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